the time is now, page-66

This is from the Commsec "company info" page

"Company Strategy
IIF is currently in survival mode, slashing distributions to pay down debt as falling property values push gearing to uncomfortable levels. Asset sales into weak markets are necessary to avoid breaching debt covenants. Developments have been scaled back and IIF won?t be making any acquisitions in the near-term. IIFs general business strategy is to invest in well located industrial properties displaying potential for income and capital growth over the medium to long term. It seeks properties that will further diversify its portfolio by location, tenant, lease maturity and rent review type. The Fund will conduct further development on several properties, whilst management will seek tenant pre-commitments for these properties. Over 98% of FY08 income was from property rents, with less then 2% derived from development profits. Geographic diversification by value is Australia 52%, Canada 37%, Germany 6%, Spain 3%, France 1% and Belgium 1%. ING Industrial Fund reported a net loss of $449.5m for the half-year ended 31 December 2008. Net Operating income increased 11% to $88.4m, excluded among other things, change in value of properties and derivatives and impairment losses. Revenue from ordinary activities were $150.3m, up 7.1% from the same period last year. Basic and Diluted EPS were (39.8) cents compared to 20.7 cents last year. Net operating cash flow was $70m compared to $81.9m last year. The interim distribution declared was 5.3 cents compared with 8.9 cents last year."

IMO, they are on the right track with yesterdays announcement and likely future sales but not out of the woods . Grant Thornton consultancy is hopefully going to justify that IIF are given breathing space because on the face of it their business is doing fine .